gotta agree with Robb on this one.
IMO this radio is totally worth putting the money into to fix it up to like new condition, but thats ONLY because i would do all the work myself.
to use a car analogy that i use all the time, you shouldnt buy a 1957 chevy that needs to be restored unless you are a mechanic or a very rich guy.
so, are you a "mechanic"?
if not, i'll tell you that i just restored a 142GTL for someone, and with the mods he wanted done to it, the parts/ labor came to over 200 bucks, just to give you some perspective.
now, just so my post isnt completely unhelpful; if you determine that the problem is internal to the radio and not in the mic; start looking at the electrolytic capacitors associated with the receive. they are most likely all about to dry out and cause more issues.